Sumitomo Life Insurance Co. Has $2.87 Million Position in ConocoPhillips (NYSE:COP)

Sumitomo Life Insurance Co. lifted its holdings in ConocoPhillips (NYSE:COP) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 27,210 shares of the energy producer’s stock after purchasing an additional 567 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in ConocoPhillips were worth $2,865,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of COP. Confluence Investment Management LLC acquired a new position in ConocoPhillips during the 1st quarter worth approximately $652,000. CWM LLC boosted its holdings in ConocoPhillips by 18.4% during the first quarter. CWM LLC now owns 68,023 shares of the energy producer’s stock worth $8,658,000 after purchasing an additional 10,561 shares during the last quarter. Rise Advisors LLC grew its position in ConocoPhillips by 1,365.9% in the first quarter. Rise Advisors LLC now owns 645 shares of the energy producer’s stock valued at $82,000 after purchasing an additional 601 shares in the last quarter. Farmers Trust Co. increased its stake in ConocoPhillips by 6.7% in the 1st quarter. Farmers Trust Co. now owns 6,104 shares of the energy producer’s stock valued at $777,000 after buying an additional 383 shares during the last quarter. Finally, Foster Group Inc. lifted its position in ConocoPhillips by 0.9% during the 1st quarter. Foster Group Inc. now owns 20,630 shares of the energy producer’s stock worth $2,626,000 after buying an additional 175 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock traded up $0.18 during trading on Wednesday, reaching $105.39. The company’s stock had a trading volume of 609,999 shares, compared to its average volume of 5,920,445. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The firm has a market cap of $123.26 billion, a PE ratio of 11.92, a P/E/G ratio of 0.88 and a beta of 1.21. The business’s 50-day moving average price is $109.14 and its 200-day moving average price is $115.19. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same period last year, the firm earned $1.84 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts forecast that ConocoPhillips will post 8.02 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $126.00 target price (down previously from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Wolfe Research began coverage on ConocoPhillips in a report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Truist Financial cut their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, Sanford C. Bernstein dropped their target price on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average target price of $137.12.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.